contingent contract 18. 5.

Contingent contract to do or not to do anything, if

an impossible event happens, are void, whether or not
the fact is known to the parties (Sec.36).
1. Contingent Contract Definition. 19. A contract to pay B a sum of money, if B marries C.
2. Contingent Contract is a contract in which a promise C died without being married to B.
is conditional and the contract shall be perform only The contract becomes void. Back
on the happening or not happening of some future
uncertain event. Section 31 of the Contract Act AGENCY
defines a contingent contract as “A contract to do or 1. Definition of Agency “Agency is a contractual
not to do something, if some event, collateral to such relation between two parties created by agreement
contract does or does not happen.” E.g.: A contracts express or implied”. The relationship of agency arises
to pay B Rs.10,000 if B’s house is burnt. This is a whenever one person called Agent has authority to act
contingent contract. on behalf of another called Principal.
2. Essentials of contract of Agency
3. Essential Characteristics
3. 1. The relationship of an agency is based upon a
4. There should be existence of a contingency;
contract
5. happening or non-happening of some event in future.
6. The contract is contingent on the happening or the 4. .2. The contract may be either express or implied.
5. 3. There should be the appointment of an agent by the
non-happening of a certain event. The said events can
principal.
be precedent or subsequent to the contract.
6. 4. The person employing the agent must himself have
7. Contingency must be uncertain.
legal capacity or to be competent to do the act for
8. If the event is sure to happen, then the contract is due
to be performed. This is not a contingent contract. which he employs the agent
7. .5. The principal should confer authority on the agent
The event should be uncertain.
to act for him.
9. The event must be collateral
8. 6. Relationship of the agency is based on confidence
10. It is important that the event is not a part of the
between the principal and the agent.
contract. It cannot be the performance promised or a
9. 7. A contract of agency requires no consideration (sec
consideration for a promise.
185)
11. incidental to the contract.
10. Classification of Agents
12. The event cannot be a wish of the promisor.
11. 1. On the basis of authority
13. Rules regarding or Enforcement of Contingent
12. Express or implied agents
Contracts
13. General, specific or universal agents
14. 1.Contingent contracts dependent on the happening
14. Agent or Sub-Agent
of an uncertain future event cannot be enforced until
15. 2. On the basis of nature of work
the event has happen. If the event becomes impossible
16. Mercantile agent
such contract becomes void (Sec. 32).
17. Non-mercantile agent
15. 2. Contingent contract to do or not to do anything, if
18. RIGHTS, DUTIES AND LIABILITIES OF AN
an uncertain future event does not happen, can be
AGENT
enforced when the happening of that event becomes
19. Rights of an Agent:
impossible, and not before. (Sec.33).
20. 1. An agent is entitled to receive agreed remuneration.
16. 3. If any contract is contingent upon how a person will
In the absence of any special contract, payment for
act at an unspecified time, the event shall be
the performance of any act is not due to the agent until
considered to be impossible when such person does
the completion of such act (Sec.219).
anything which renders it impossible that he should
so act within any definite time, or otherwise than 21. 2. A agent may retain out of any sums received on
account of the principal in the business of agency, or
under future contingencies (Sec.34).
all money due to himself respect of advance made or
17. 4. Contingent contract to do or not to do anything, if
expenses properly incurred by him in conducting such
a specified uncertain event happens within a fixed
business and also such remuneration as may be
time, become void if the event doesn’t happen or it
happening becomes impossible before the expiry of payable to him for acting as agent (Sec.217).
22. 3. the absence of any contract to the contrary, the
that time. Contingent contract to do or not to do
agent is entitled to particular lien i.e., right to retain
anything, if a specified uncertain event happens
goods, papers (documents) and other property,
within a fixed time, may be enforced if the event
whether movable or immovable, of the principal
doesn’t happen or it happening becomes impossible
received by him, until the amount due to himself for
before the expiry of that time (Sec.35).
commission, disbursements and services in respect of
 the same has been paid or accounted for him
(Sec.221).
23. 4. Under certain circumstances, an agent can stop the
goods in transit.
24. 5. The employer of an agent is bound to idemnity him
against the consequences of all lawful acts done by
such agent in exercise of authority conferred upon
him. (Sec.222).
25. 6. The principal must pay compensation to his agent
in respect of injury caused to such agent by the
principal’s neglect or want of skill (Sec.225).
26. Duties of an Agent:
27. 1. To follow the instructions of the principal.
28. 2. To work with reasonable skill and diligence.
29. 3. To render proper accounts.
30. 4. To communicate with the principal in difficult
situations.
31. 5. Not to deal on his own account.6. To pay all sums.
 6Not to set up adverse title. •
 7 Not to delegate his authority
 8 Not to use agency information against Principal.
 9 Agent’s duty on termination of agency by
principal’s death or insanity.
 10 Not to put himself in position where interest and
duty conflict.
32. Misrepresentation and fraud by Agents:
33. Misrepresentation made or frauds committed, by
agents acting in the course of their business for their
principals have the same effect on agreements made
by such agents as if such misrepresentations or frauds
had been made or committed by the principals. But
misrepresentation made, or frauds committed, by
agents, in matters which do not fall within the scope
of authority, do not affect their principal (Sec.238).
Money received by agent by playing fraud on third
person: Where an agent received the money from the
third person by fraud and paid it to the principal, the
third cannot sue the principal unless the latter aware
of the fraud or had means of knowing that it was the
third person’s money.
34. Implied Agency: Includes
35. A. Agency by estoppel: An agency may be implied
from the conduct of the parties, though no express
authority has been given.
36. B. Agency by holding out: Where a person permits
another by a long course of conduct to pledge his
credit for certain purposes, he is bound by the act of
such person in pledging his credit for similar
purposes.
37. C. Agency by necessity: sometimes extraordinary
circumstances require that a person who is not really
an agent should act as an agent of another.
38. AGENCY BY RATIFICATION• Ratification is a
kind of affirmation or approval of a previous
unauthorized act or acts relating to a contract.
39. TERMINATION OF AGENCY
40. Agency may be terminated in the same manner as any
other contract: • By the operation of law• By the acts
of the parties
41. Termination of agency by acts of the parties
42. 1. By agreement between principal and agent
43. 2. By revocation of the agent’s authority by the
principal
44. 3. By renunciation of business by the agent
45. 17. Termination of agency by operating of law
46. 1. By performance of the contract of agency
47. 2. By efflux of time
48. 3. By death or insanity of the agent or principal
49. 4. By the insolvency of the principal and in some cases
that of the agent
50. 5. By the destruction of the subject matter of agency
51. 6. Where the principal or the agent is an incorporated
company by its dissolution
52. 7. By the principal becoming an alien enemy
53. . Effect of Termination As between the principal and
the agent
54. , termination of agency is effective only when it
becomes known to the agent, but so far as third
parties are concerned, termination of agency takes
effect when it is known to them
55. Irrevocable agency
56. When a agency cannot be terminated is said to be an
irrevocable agency Circumstances when the agency is
irrevocable Where the agent When the agency Where
the agent has partly is coupled with has incurred a
exercised his interest personal liability authority
57. Power of Attorney
58. A Power of Attorney is an instrument or a deed by
which a person is empowered to act for and in the
name of the person executing it. The person executing
the deed is known as the Principal or donor and the
one in whose favour it is executed is the agent, or the
power agent or the power of attorney agent
BAILMENT
1. BAILEE AND BAILOR
BAILEE A person with whom some article is left, who
is responsible for the safe return of the article to the
owner when the contract is fulfilled. These can include
banks storage companies where furniture or files are
deposited, a parking garage, or a kennel or horse
ranch where a nimal is boarded.
2. BAILOR One who places control over or possession
of pers onal property in the hands of another, a bailee,
 for its ca re, safekeeping, or use, in accordance to the
terms of
3. BAILMENT Process of placing personal property or
goods in the temporary custody or control of another.
For a valid bailment, it is necessary that bailee must
have actual physical control of the property with the
intent to possess it. The bailee is generally not entitled
to the use of the property during his possession. A
bailor can demand for return of the property at any
time.
4. DUTIES OF A BAILEE
5. 1. Care of Goods It is the duty of the bailee that he
should take as much care of the goods as a man of
ordinary prudence takes care about his own goods.
6. 2. Act According The Bailment Any act of the bailee
should not be against the conditions of the contract.
Otherwise contract will be voidable at the option of
the bailor.
7. 3. Mixing is Not Allowed It is the duty of the bailee
that he should keep the bailor goods separate from his
own goods. If he mixed without the consent of the
bailor then he himself will bear the expenses of
separation and loss.
8. 4. Should Not Deny The Title It is the duty of the
bailee that he should not deny or change the title of
the bailor about the ownership of goods.
9. 5. Default of Responsibility It is the duty of the bailee
that he should not deny or change the title of the
bailor about the ownership of goods.
10. 6. Return of Goods It is the duty of the bailee to return
or deliver the goods bailed according to the bailors
conditions.
11. 7. Return at Proper Time It is the duty of the bailee
that he should return the goods bailed as the time or
purpose of bailment completes without the demand of
the bailor.
12. 8. Return of Profit It is also the duty of the bailee that
he should deliver the profit or any increase occurred
in the bailed goods to the bailor.
13. 9. Proper Use of Goods It is the duty of the bailee that
he should use the goods according the conditions of
the contract. If he misuses the goods then he will
compensate the loss to the bailor.
14. RIGHTS OF THE BAILEE  Bailee has right to
claim compensation for injuries arising out of faults
present in goods, If it is gratuitous bailment, bailee
can make bailer answerable with regard to known
faults only. But not to un-known faults. In case of
Non-gratuitous bailment bailee can make bailer
answerable to known as well as un-known faults.
15.  Bailee has right to claim contribution for expenses.
If it is Gratuitous bailment, bailee can claim only
extraordinary expenses. But in case of Non-
Gratuitous bailment, bailee can claim both ordinary
and ordinary expenses.  In case where bailer has
given goods with defective title and bailee, therefore,
comes across suffering, then such bailee has right to
get compensated by defective titled bailer.
16.  Bailee has right of indemnity, for making
involvement in bailment Contract, bailer can make
bailee answerable.  Bailee has right of lien. It is only
particular lien. That means he can exercise right of
lien against those goods only on which amount is due.
 Bailee can return the goods to any one of the joint
owners.  In times of need Bailee has right to
approach Court of law
Duties of a bailor
Duties of a bailor are as follows:
1. It is the duty of a bailor to disclose all faults. If bailor
fails to disclose such faults then he will be responsible
for the damage caused to goods or loss suffered by the
bailee.
2. Also, the bailor is under the duty to pay the
extraordinary expenses incurred by the bailee for such
bailment.
3. It is the duty of the bailor to accept the goods after the
purpose for which such goods were bailed is
accomplished.
4. It is the duty of the bailor to indemnify the bailee for
the cost incurred due to the defective title of goods
bailed to the bailee.
Surety
Surety: A surety is a person giving a guarantee in a
contract of guarantee. A person who takes responsibility
to pay a sum of money, perform any duty for another
person in case that person fails to perform such work.
Surety’s Liability
the liability of a surety is co-extensive with that of
principal debtor’s unless the contract provides.
Liability of surety is same as that of the principal
debtor. A creditor can directly proceed against the
surety. A creditor can sue the surety directly without
sueing principal debtor. Surety becomes liable to make
 payment immediately when the principal debtor makes
default in such payment.
However, primary liability to make payment is of the
principal debtor, surety’s liability is secondary. Also,
where the principal debtor cannot be held liable for any
payment due to any defect in documents, then surety is
also not responsible for such payment.
Discharge of a surety
 By giving notice of revocation for future transactions
(section 130).
 In case of death of surety, the guarantee is revoked for
all the future transactions (section 131).
 When there is a change in terms and condition of the
contract between the creditor and principal debtor
without obtaining the consent of surety. The surety
will be discharged of all the transactions taking place
after such change in terms and condition (section 133).
For example – Q rents his house to R at a fixed rent, P
becomes surety for rent payable by R to Q. R and Q
agree on a higher rent for which they do not obtain P’s
consent. In such a case P will be discharged as a surety
after such change in contract.
 In case the creditor releases the debtor or makes any
omission due to which results in the discharge of
principal debtor’s liability (section 134).
 When the principal debtor makes payment of debt.
 When the creditor enters into an arrangement with
the principal debtor for not to sue him or to provide
extra time for payment of debt, the surety will be
discharged (section 135).
 The surety will be discharged when the creditor does
any act which is inconsistent with the rights of surety.
Voidable Contract
These types of Contracts are defined in section 2(i) of
the Act: “An agreement which is enforceable by law at
the option of one or more of the parties thereto, but not
at the option of the other or others, is a voidable
contract.” This may seem difficult to wrap your head
around but consider the following example:
Suppose a person A agrees to pay a sum of Rs. 10,0000
to a person B for an antique chair. This contract would
be valid, the only problem is that person B is a minor
and can’t legally enter a contract.
Void Agreement
A void agreement definition would be an agreement
with no legal value. Legally, a void agreement means
the contract or agreement is no longer enforceable.3
min read
A void agreement definition would be an agreement
or contrac with no legal value. Legally, a void
agreement means the contract or agreement is no
longer enforceable. While precise definitions vary by
jurisdiction, void agreements are generally
categorized as being void from the beginning and
were never valid at any point. On the other hand, void
contracts are generally defined to have been valid at
one time, but are now invalid. However, despite those
precise definitions existing, the terms are most often
used interchangeably.
What is a Breach of Contract?
A business contract creates certain obligations that
are to be fulfilled by the parties who entered into the
agreement. Legally, one party's failure to fulfill any of
its contractual obligations is known as a "breach" of
the contract. Depending on the specifics, a breach can
occur when a party fails to perform on time, does not
perform in accordance with the terms of the
agreement, or does not perform at all.
Consequences of Breach of Contract in General
When one of the parties fails to perform its
contractual obligations, such party is in breach of
contract and the other party has a right to demand
the fulfillment of the agreement and to demand
performance of those obligations with the help of the
authorities. However, it is not always possible or even
viable from the point of view of the damaged party to
demand that the other party perform the original
contract. It may be better to demand other
consequences.
The consequences of a breach of contract vary and are
dependent on which party is in breach of its
obligations. Naturally, the seriousness of the breach
also affects the consequences. The common
 consequence is reduction of the contract price,
remedy of the defect, compensation for damage and
interest for delay. It is only possible to rescind the
contract when the breach is fundamental.
The parties may also agree on the consequences of the
breach of agreement when making a contract or
separately. It might be reasonable to agree on
liquidated damages for delay for example. See more
about the liquidated damages in paragraph
Remedies for a Breach of Contract
When an individual or business breaches a contract,
the other party to the agreement is entitled to relief
(or a "remedy") under the law. The main remedies
for a breach of contract are:
1. Damages,
2. Specific Performance, or
3. Cancellation and Restitution
Damages
The payment of damages -- payment in one form or
another -- is the most common remedy for a breach of
contract. There are many kinds of damages, including
the following:
1. Compensatory damages aim to put the non-breaching
party in the position that they had been if the breach
had not occurred.
2. Punitive damages are payments that the breaching
party must make, above and beyond the point that
would fully compensate the non-breaching party.
Punitive damages are meant to punish a wrongful
party for particularly wrongful acts, and are rarely
awarded in the business contracts setting.
3. Nominal damages are token damages awarded when a
breach occurred, but no actual money loss to the non-
breaching party was proven.
4. Liquidated damages are specific damages that were
previously identified by the parties in the contract
itself, in the event that the contract is breached.
Liquidated damages should be a reasonable estimate
of actual damages that might result from a breach.
Specific Performance
If damages are inadequate as a legal remedy, the non-
breaching party may seek an alternative remedy
called specific performance. Specific performance is
best described as the breaching party's court-ordered
performance of duty under the contract. Specific
performance may be used as a remedy for breach of
contract if the subject matter of the agreement is rare
or unique, and damages would not suffice to place the
non-breaching party in as good a position as they
would have been had the breach not occurred.
Cancellation and Restitution
A non-breaching party may cancel the contract and
sue for restitution if the non-breaching party has
given a benefit to the breaching party. "Restitution"
as a contract remedy means that the non-breaching
party is put back in the position it was in prior to the
breach, while "cancellation" of the contract voids the
contract and relieves all parties of any obligation
under the agreement.
Acceptance
The Contract Act 1872 defines acceptance in Section 2
(b) as “When the person to whom the proposal has been
made signifies his assent thereto, the offer is said to be
accepted. Thus, the proposal when accepted becomes a
promise.”
So as the definition states, when the offeree to whom
the proposal is made, unconditionally accepts the offer
it will amount to acceptance. After such an offer is
accepted the offer becomes a promise.Say for example
A offers to buy B’s car for rupees two lacs and B
accepts such an offer. Now, this has become a
promise.When the proposal is accepted and it becomes
a proposal it also becomes irrevocable. An offer does
not create any legal obligations, but after the offer is
accepted it becomes a promise. And a promise is
irrevocable because it creates legal obligations between
parties. An offer can be revoked before it is accepted.
But once acceptance is communicated it cannot be
revoked or withdrawn.
Rules regarding Valid Acceptance
1] Acceptance can only be given to whom the offer was
made
In the case of a specific proposal or offer, it can only be
accepted by the person it was made to. No third person
without the knowledge of the offeree can accept the
offer.Let us take the example of the case study of
Boulton v. Jones. Boulton bought
Brocklehurst’s business but Brocklehurst did not
inform all his creditors about the same. Jones, a
creditor of Brocklehurst placed an order with him.
Boulton accepted and supplied the goods. Jones refused
to pay since he had debts to settle with Brocklehurst. It
was held that since the offer was never made to Boulton,
he cannot accept the offer and there is no contract.
When the proposal is a general offer, then anyone with
knowledge of the offer can accept it.
2] It has to be absolute and unqualified
Acceptance must be unconditional and absolute. There
cannot be conditional acceptance, that would amount to
a counteroffer which nullifies the original offer. Let us
see an example. A offer to sell his cycle to B for 2000/-.
B says he accepts if A will sell it for 1500/-. This does not
amount to the offer being accepted, it will count as a
counteroffer. Also, it must be expressed in a prescribed
manner. If no such prescribed manner is described then
it must be expressed in the normal and reasonable
manner, i.e. as it would be in the normal course of
business. Implied acceptance can also be given through
some conduct, act, etc. However, the law does not allow
silence to be a form of acceptance. So, the offeror cannot
say if no answer is received the offer will be deemed as
accepted.
3] Acceptance must be communicated
For a proposal to become a contract, the acceptance of
such a proposal must be communicated to the
promisor. The communication must occur in the
prescribed form, or any such form in the normal course
of business if no specific form has been prescribed.
Further, when the offeree accepts the proposal, he must
have known that an offer was made. He cannot
communicate acceptance without knowledge of the
offer. So, when A offers to supply B with goods, and B
is agreeable to all the terms. He writes a letter to accept
the offer but forgets to post the letter. So, since the
acceptance is not communicated, it is not valid.
4] It must be in the prescribed mode
Acceptance of the offer must be in the prescribed
manner that is demanded by the offeror. If no such
manner is prescribed, it must be in a reasonable
manner that would be employed in the normal course
of business. But if the offeror does not insist on the
manner after the offer has been accepted in another
manner, it will be presumed he has consented to such
acceptance. So, A offers to sell his farm to B for ten
lakhs. He asks B to communicate his answer via post.
B e-mails A accepting his offer. Now A can ask B to
send the answer through the prescribed manner. But if
A fails to do so, it means he has accepted the acceptance
of B and a promise is made.
5] Implied Acceptance
Section 8 of the Contract Act 1872, provides that
acceptance by conduct or actions of the promisee is
acceptable. So if a person performs certain actions that
communicate that he has accepted the offer, such
implied acceptance is permissible. So if A agrees to buy
from B 100 bales of hay for 1000/- and B sends over the
goods, his actions will imply he has accepted the offer.
ESSENTIAL ELEMENTS OF A VALID
CONTRACT
1. . All Contracts are agreements but all agreements
are not contracts. Only that agreements which is
enforceable by law is a contract. An agreement, to
be enforceable by law, must posses the essential
elements of a valid contract as contained in section 10
of the Indian Contract Act.  According to Section 10,
"All agreements are contract if they are made by the
free consent of the parties, competent to contract, for
a lawful consideration and with a lawful object and
are not expressly declared to be void.
2. The essential elements of a valid contract are:
3. 1. Proper Offer and Proper Acceptance. In order to
create a valid contract, there must be a 'lawful offer'
by one party and 'lawful acceptance' of the same by
the other party. Section 2 (a) of the Contract Act
defines Offer as – ‘when one person signifies to
another his willingness to do or to abstain from doing
anything, with a view to obtaining the assent of that
other to such act or abstinence, he is said to make an
offer'. Section 2 (b) of the Contract Act states that,
‘when the person to whom the offer is made signifies
his assent there to, the offer is said to be accepted.
4. 2. Intention to Create Legal Relationship. In case,
there is no such intention on the part of parties, there
is no contract. Agreements of social or domestic
nature do not contemplate legal relations. Case: -
Balfour vs. Balfour (1919) Mr. Balfour and his wife
went to England for a vacation, and his wife became
ill and needed medical attention. They made an
agreement that Mrs. Balfour was to remain behind in
England when the husband returned to Ceylon (Sri
 Lanka) and that Mr. Balfour would pay her £30 a
month until she returned. This understanding was
made while their relationship was fine; however, the
relationship later soured. The lower court found that
there was sufficient consideration in the consent of
Mrs. Balfour and thus found the contract binding,
which Mr. Balfour appealed. Arrangements made
between husbands and wives are not generally
contracts as the parties do not intend to be legally
bound by the agreements.
5. 3.Lawful Consideration. At the desire of promise,
promisee or any other person has done or abstain
from doing or does abstain from doing such act or
promises is known as consideration. According to
Blackstone "Consideration is recompense given by
the party contracting to another." In other words of
Pollock, "Consideration is the price for which the
promise of the another is brought." Consideration is
known as quid pro-quo or something in return. It may
be cash, kind, act or abstinence and may be in past,
present or future. It should be unlawful, immoral and
against the public policy.
6. 4. Competent of parties. The parties to an agreement
must be competent. If either of the parties does not
have the ability to contract, the contract is not valid.
According to the following persons are incompetent to
contract. (a) Minor: A person less than age of 18 is
minor. (b) Unsound mind person: Any person who is
unable to understand the term and condition of
contract at the time of its formation is unsound mind.
(c) persons disqualified by law to which they are
subject.
7. 5. Free Consent. 'Consent' means the parties must
have agreed upon the same thing in the same sense.
According to Section 14, Consent is said to be free
when it is not caused by- (1) Coercion (2) Undue
influence (3) Fraud (4) Mis-representation (5)
Mistake. An agreement should be made by the free
consent of the parties.
8. 6. Lawful Object. The object of an agreement must
be valid. Object has nothing to do with consideration.
It means the purpose or design of the contract. Thus,
when one hires a house for use as a gambling house,
the object of the contract is to run a gambling house.
The Object is said to be unlawful if- (a) it is forbidden
by law; (b) it is of such nature that if permitted it
would defeat the provision of any law; (c) it is
fraudulent; (d) it involves an injury to the person or
property of any other; (e) the court regards it as
immoral or opposed to public policy.
9. 7. Certainty of Meaning. According to Section
29,"Agreement the meaning of which is not Certain
or capable of being made certain are void.“ For e.g. :
A agree to sell to B a 100 ton of oil, there is nothing to
show what kind of oil intended, the agreement is void
due to the absence of certainty. But if A is dealer of
coconut oil only agree to sell B,100 ton of oil, the
nature of A’s trade is sufficient to show the kind of oil,
and this will be a valid contract.
10. 8. Possibility of Performance. Condition for a contract
should be capable for performance .If the act is
impossible in itself, physically or legally, if cannot be
enforced at law. For example: If A and B makes an
agreement that if B encloses a space with the help of
two straight lines then A will pay him Rs. 1000
otherwise B will be liable for paying Rs. 500 to A.
RESULT: This is an impossible work. Two straight
lines can not enclose a space , hence contract is not
valid.
11. 9. Not Declared to be void or Illegal. The agreement
though satisfying all the conditions for a valid
contract must not have been expressly declared void
by any law in force in the country. Agreements
mentioned in Section 24 to 30 of the Act have been
expressly declared to be void. For example
agreements in restraint of trade, marriage, legal
proceedings etc. That is : If A is not willing to marry
with B, law can not enforce him/her.
10. Legal Formalities. An oral Contract is a perfectly
valid contract, expect in those cases where writing,
registration etc. is required by some statute. In India
writing is required in cases of sale, mortgage, lease
and gift of immovable property, negotiable
instruments; memorandum and articles of association
of a company, etc. Registration is required in cases of
documents coming within the scope of section 17 of
the Registration Act. All the elements mentioned
above must be in order to make a valid contract. If
any one of them is absent the agreement does not
become a contract.
 DIFFERENCE BETWEEN A WAGER AND A CONTINGENT CONTRACT

WAGER CONTRACT 1. CONTINGENT CONTRACT

1.THERE ARE MUTUAL PROMISES. 1. IT IS NOT NECESARRY THAT THERE SHOULD

BE MUTUAL PROMISE.

2. 2THE PARTIES MUST CONTEMPLATE 3. 2)THE FUTURE EVENT IS MERELY

DETERMINATION OF UNCERTAIN COLLATERAL OR INCIDENTAL TO THE
EVENT AS SOLE CONDITION OF THEIR CONTRACT.
CONTRACT.

3) NEITHER PARTIES INTENDS TO PERFORM .3) THE PARTIES INTEND TO PERFORM THEIR
THE CONTRACT ITSELF RESPECTIVE OBLIGATIONS.

4) THESE CONTRACTS ARE VOID UNDER 4) THESE ARE GOOD UNLESS THEY ARE DECLARED BY
SECTION 30 OF THE INDIAN CONTRACT ACT. LAW TO BE BAD.

5) THE PARTIES HAVE NO OTHER INTERSET 5) THE PARTIES HAVE INTERST IN THE OCCURRENCE
IN THE OCCURRENCE OR NON-OCCURRENCE OR NON-OCCURRENCE.
OF THE EVENT.

6) THERE IS A SENSE OF CONTINGENCY. 59. 6) THERE IS NO SENSE OF WAGERING.